Question to the board

[Elgallo]

I was speaking with my mailman of all people yesterday, and he indicated that he had moved all his money out of TSP and into a private brokerage such as Fidelity.

I know one can transferr INTO the TSP (I have done that), but I was under the impression that the transfer OUT was not possible.

Are there a slightly different set rules for the postal service which allow him to do that and I can't?

 

[Frixxxx]

I was speaking with my mailman of all people yesterday, and he indicated that he had moved all his money out of TSP and into a private brokerage such as Fidelity.

I know one can transferr INTO the TSP (I have done that), but I was under the impression that the transfer OUT is not possible.

Are there a slightly different set rules for the postal service which allow him to do that and I can't?

You can make a full withdrawal into a qualified 401K/IRA.

Use tsp-70.pdf

Transfer Option —​

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If you want to transfer all or any portion of your single or monthly payments (for a dollar amount
that results in payments expected to be completed in less than 120 months) to a traditional IRA, eligible employer
plan, or Roth IRA (see instructions), complete Items 24 and/or 25 and Section V.​

24. Transfer .0% of my single payment (Item 23b) to a traditional IRA, eligible employer plan, or Roth IRA.

 

[Elgallo]

Thanks Frixxx I will look into this.

 

[tsptalk]

You can make a full withdrawal into a qualified 401K/IRA.

Use tsp-70.pdf

Transfer Option —

If you want to transfer all or any portion of your single or monthly payments (for a dollar amount

that results in payments expected to be completed in less than 120 months) to a traditional IRA, eligible employer
plan, or Roth IRA (see instructions), complete Items 24 and/or 25 and Section V.​

24. Transfer .0% of my single payment (Item 23b) to a traditional IRA, eligible employer plan, or Roth IRA.
​

I believe that's only if you seperate from the gov't.
​

 

[Elgallo]

That's what I thought Tom.

 

[Frixxxx]

Sorry,

My cut & paste flaked.. two types of withdrawals:

Financial hardship

Age based

You can still be working at 59 1/2 and rollover to a qualifying plan .....tspbk12.pdf. ONLY ONE TIME



Sorry El Gallo:embarrest:

 

[Elgallo]

Now I'm sorta back to where I started e.g. confused.

I'm 64, still working FT, and retire in 29.5 months (damn that sounds nice) retireing that is, NOT working!

 

[Frixxxx]

Now I'm sorta back to where I started e.g. confused.

I'm 64, still working FT, and retire in 29.5 months (damn that sounds nice) retireing that is, NOT working!

You qualify for a ONE TIME WITHDRAWAL because you are over 59 1/2. You can move it without penalty into a qualified account (401K/IRA):nuts:

Getting closer! Wish I was that close!:blink:

 

[nnuut]

I did one of thoses withdrawals, sent it straight to my checking account then I spent it!

 

[nasa1974]

Now I'm sorta back to where I started e.g. confused.

I'm 64, still working FT, and retire in 29.5 months (damn that sounds nice) retireing that is, NOT working!

I'll be 59 in May. If they change the High 3 to a High 5 for FY12 I will retire September 30th. I'm also hearing rumors of a buyout coming up for end of FY11. If none of that happens I am looking at April or May 2012.